证券日报网讯博腾股份11月24日在互动平台回答投资者提问时表示，截至2025年11月20日收盘，公司股 东总户数（合并普通账户和融资融券信用账户）为45076户。 （文章来源：证券日报） ...

Core Viewpoint - The domestic R&D demand is showing marginal improvement, driven by the overseas expansion of innovative drugs, leading to a recovery in R&D orders and stabilization of industry prices after a decline in 2023. The CRO sector is expected to see better performance growth by 2026, while the CDMO industry has also reached a bottom and is poised for continued strong growth due to robust demand for new molecules and new orders [1][2][3]. CRO Sector - The domestic R&D demand is recovering, with an increase in orders and stabilization of prices, indicating a clear upward trend for CRO companies. Clinical CROs like Tigermed, Nossan, and Prasis are expected to see revenue growth turning positive by 2025, with significant contributions from overseas business [2][3]. - The recognition of domestic CRO clinical data is improving, which is beneficial for companies like Tigermed [2]. CDMO Sector - The CDMO sector has seen a recovery in performance, with new orders continuing to improve quarterly. The global demand for innovative drug R&D is driving growth in new orders and backlog [3]. - The industry is benefiting from increased capacity utilization and profitability, with a strong certainty of performance and profit growth expected to continue into 2026 [3]. Life Sciences Sector - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives in areas like cell culture media and biological reagents. Companies are expected to capture market share through new product categories and cost-effective offerings [4]. - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic for the industry [4]. API Sector - The raw material pharmaceutical industry is currently in a phase of price bottoming and supply surplus, with traditional product performance under pressure. However, companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [5]. - The valuation of raw material pharmaceutical companies is at a low point, presenting opportunities based on changes in new business layouts [5]. Investment Recommendations - For clinical and preclinical CROs, companies like Tigermed, Nossan, and Yinos are recommended due to the gradual recovery of the industry and expected improvement in order structure [6]. - In the CDMO sector, companies such as WuXi AppTec, WuXi Biologics, and others with strong fundamentals and capacity advantages are highlighted for their potential benefits from industry recovery and high demand for new molecules [6]. - In the life sciences upstream sector, companies like Baitai Biotechnology and others are recommended due to accelerated domestic substitution and strong overseas growth [6]. - Companies like Pro Pharma and Huahai Pharmaceutical are noted for their new business layouts that are expected to contribute significant value increments [6].

Investment Rating - The report suggests focusing on globally competitive CXO companies such as WuXi AppTec, WuXi XDC Cayman, WuXi Biologics Cayman, Pharmaron, Asymchem Laboratories, Porton Pharma Solutions, and Zhejiang Jiuzhou Pharmaceutical [29][30] Core Insights - The overseas CXO industry has confirmed a bottom in prosperity and is showing signs of structural recovery. The industry has passed the cyclical bottom, but recovery is characterized by significant structural differentiation [30] - Clinical CROs like IQVIA and Medpace are leading the recovery with strong orders and guidance, while CDMOs such as Lonza demonstrate resilience through long-term contracts. Preclinical CROs and research services are still stabilizing, with improving inquiry or order cancellation rates [30][31] - The overall recovery strength and sustainability will depend on the continuation of enthusiasm in biotech financing [30] Summary by Sections 1. Overseas CXO Industry Q3 2025 Performance Review - The overseas CXO industry has shown a structural recovery trend, with significant differentiation in recovery across sectors. Clinical CROs are leading the recovery, while preclinical CROs and research services are still in a stabilization phase [8][30] 2. Leading Company Analysis 2.1 Charles River - The company is nearing a performance bottom, with Q3 revenue at $1 billion and an organic growth rate of -1.6%. The management has raised the full-year revenue and EPS guidance, indicating a positive outlook for 2026 [15][16] 2.2 Samsung Biologics - The company reported a strong Q3 performance with revenue of 1.66 trillion KRW, a 40% YoY increase. The CDMO segment continues to grow, with a full-year revenue growth guidance of 25%-30% [19][20] 2.3 Lonza - Lonza's Q3 performance met expectations, with CDMO business projected to grow by 20%-21% YoY. The company is experiencing strong demand in its core business segments [24][25] 3. Key Financial Metrics - The report includes financial forecasts for various companies, indicating expected revenue growth and profitability metrics for 2025-2027. For instance, WuXi AppTec is expected to have an EPS of 5.42 in 2025, with a PE ratio of 18 [26]

11月19日，博腾股份盘中下跌2.02%，截至13:00，报23.73元/股，成交1.02亿元，换手率0.86%，总市值 128.96亿元。 责任编辑：小浪快报 博腾股份所属申万行业为：医药生物-医疗服务-医疗研发外包。所属概念板块包括：基金重仓、MSCI 中国、CRO概念、融资融券、多肽药等。 截至11月10日，博腾股份股东户数4.67万，较上期减少2.23%；人均流通股10674股，较上期增加 1.96%。2025年1月-9月，博腾股份实现营业收入25.44亿元，同比增长19.72%；归母净利润7991.54万 元，同比增长138.71%。 分红方面，博腾股份A股上市后累计派现11.93亿元。近三年，累计派现8.66亿元。 机构持仓方面，截止2025年9月30日，博腾股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股2397.76万股，相比上期增加1321.87万股。天弘医药创新A（010654）位居第六大流通股 东，持股593.96万股，相比上期减少45.84万股。华安聚优精选混合（009714）位居第九大流通股东，持 股377.75万股，为新进股东。南方中证1000ETF（512100 ...

统一社会信用代码：915000007748965415 股票代码：300363 股票简称：博腾股份 公告编号：2025-057 号 重庆博腾制药科技股份有限公司 关于完成工商变更登记的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆博腾制药科技股份有限公司（以下简称"公司"）第六届董事会第三次 会议、第六届监事会第二次会议及 2025 年第一次临时股东会审议通过《关于变 更部分回购股份用途并注销的议案》，鉴于公司对公司回购专用证券账户中 2022 年回购股份 2,022,344 股进行注销，同意公司总股本由 545,464,520 股减少至 543,442,176 股，注册资本由人民币 545,464,520 元减少至 543,442,176 元。同时， 根据相关法律法规，同意公司对《公司章程》部分条款进行修订。具体内容请见 公司 2025 年 8 月 23 日在巨潮资讯网（www.cninfo.com.cn）发布的《第六届董事 会第三次会议决议公告》（公告编号：2025-041 号）、《公司章程（2025 年 8 月）》 以及 2025 年 9 月 ...

证券日报网讯博腾股份（300363）11月13日在互动平台回答投资者提问时表示，截至2025年11月10日收 盘，公司股东总户数(合并普通账户和融资融券信用账户)为46733户。 ...

Core Viewpoint - Boten Co., Ltd. experienced a stock price decline of 2.02% on November 12, with a current price of 24.25 CNY per share and a total market capitalization of 13.178 billion CNY, despite a year-to-date increase of 53.77% in stock price [1] Financial Performance - For the period from January to September 2025, Boten Co., Ltd. achieved a revenue of 2.544 billion CNY, representing a year-on-year growth of 19.72%, and a net profit attributable to shareholders of 79.9154 million CNY, which is a significant increase of 138.71% [2] - The company has distributed a total of 1.193 billion CNY in dividends since its A-share listing, with 866 million CNY distributed over the past three years [3] Shareholder Information - As of October 31, 2025, the number of shareholders for Boten Co., Ltd. was 47,800, a decrease of 4.64% from the previous period, while the average number of circulating shares per person increased by 4.86% to 10,469 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 13.2187 million shares to 23.9776 million shares, and Tianhong Medical Innovation A, which reduced its holdings by 458,400 shares to 5.9396 million shares [3]

Investment Rating - The investment rating for the company is "Accumulate" [6][11]. Core Views - The traditional business is recovering growth, while emerging businesses are gradually ramping up, leading to improved profitability quarter by quarter [2]. - The company achieved a revenue of 2.544 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 19.7%, and a net profit attributable to shareholders of 79.92 million yuan, marking a significant turnaround from losses [11]. - The target price is set at 31.26 yuan, reflecting an upward adjustment based on the company's emerging business capacity and asset utilization improvements [11]. Financial Summary - Total revenue is projected to be 3.667 billion yuan in 2023, decreasing to 3.012 billion yuan in 2024, before recovering to 3.495 billion yuan in 2025, with a growth rate of 16.0% [4]. - Net profit attributable to shareholders is expected to decline to -288 million yuan in 2024, before rebounding to 121 million yuan in 2025, with a significant year-on-year growth of 142.0% [4]. - Earnings per share (EPS) is forecasted to be 0.22 yuan in 2025, increasing to 0.88 yuan by 2027 [4]. Business Performance - Revenue from small molecule APIs reached 2.350 billion yuan in Q1-Q3 2025, up 19.4% year-on-year, while emerging business revenue was 190 million yuan, up 23.4% [11]. - The company reported a gross margin of 28.86% in Q1-Q3 2025, an increase of 5.6 percentage points year-on-year [11]. - The overseas market revenue was 1.805 billion yuan, reflecting a year-on-year increase of 17%, while the domestic market revenue was 739 million yuan, up 21% [11]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 50.34, with an expected P/E of 111.22 in 2025 [4]. - The price-to-book (P/B) ratio is 2.5 at the current price [7]. - The company has a net asset return rate (ROE) of 4.6% in 2023, projected to improve to 7.8% by 2027 [4].

Macroeconomic Insights - Global asset performance shows mixed results, with the Hang Seng Index up 1.29% and the Shanghai Composite Index up 1.08%, while developed markets like the S&P 500 fell by 1.63%[6] - In October, the U.S. ISM Manufacturing PMI declined, indicating economic slowdown, while consumer confidence continued to drop according to the University of Michigan index[7] Inflation and Prices - October CPI in China rose by 0.2% year-on-year, while PPI decreased by 2.1%, indicating a stable inflation environment with core service prices reaching their highest level since March 2024[11] - The rise in core CPI is attributed to reduced food drag and increased service contributions, with gold prices significantly impacting jewelry costs[13] Trade and Exports - In October, China's exports fell by 1.1% year-on-year, while imports grew by 1.0%, leading to a slight decrease in trade surplus[16] - The export structure shows weakness in non-U.S. markets, particularly the EU, while exports to the U.S. and ASEAN remained strong[18] Investment Strategies - The asset allocation report suggests an overweight position in Chinese A-shares and industrial commodities, with equity allocation set at 45% and bonds at 45%[22] - The report emphasizes the importance of AI industry trends and the potential for volatility in global equity markets, recommending a focus on quality assets[23] Market Dynamics - The trading activity has decreased, with turnover rates and transaction volumes declining across indices, indicating a cautious market sentiment[28] - The report highlights a decrease in northbound capital flow, with a net outflow of 2.6 billion CNY in the recent week, reflecting investor sentiment shifts[34]

Core Viewpoint - The company is experiencing a recovery in traditional business growth, with emerging businesses gradually ramping up, leading to improved profitability quarter by quarter [1] Financial Performance - For Q1-Q3 2025, revenue reached 2.544 billion yuan, a year-on-year increase of 19.7%, with a net profit attributable to shareholders of 79.92 million yuan, marking a turnaround from losses [2] - In Q3 alone, revenue was 923 million yuan, up 19.4% year-on-year, and net profit was 52.86 million yuan, significantly improving from losses, with a quarter-on-quarter growth of 68.7% [2] - The gross margin for Q1-Q3 2025 was 28.86%, an increase of 5.6 percentage points year-on-year, while Q3 gross margin was 31.02%, stable year-on-year and up 2.1 percentage points quarter-on-quarter [2] Business Segments - Revenue from small molecule APIs for Q1-Q3 2025 was 2.350 billion yuan, a year-on-year increase of 19.4%, while emerging business revenue was 190 million yuan, up 23.4% [3] - The small molecule formulation CDMO segment generated 101 million yuan, remaining flat year-on-year, while CGT CDMO revenue was 43 million yuan, up 7.1% [3] - New molecular businesses, including peptides, oligonucleotides, and ADCs, saw revenue of 46 million yuan, a substantial increase of 254.8% year-on-year [3] Market Performance - Overseas market revenue for Q1-Q3 2025 was 1.805 billion yuan, a year-on-year increase of 17%, while domestic market revenue was 739 million yuan, up 21% [3] Profitability Trends - The gross margin for the overseas market was approximately 40%, an increase of 5 percentage points year-on-year, driven by high-value commercial projects [4] - The domestic market gross margin was around 1%, improving from -3% in H1 2025; excluding emerging business impacts, the domestic gross margin was about 18% [4] - Overall gross margin for the company was approximately 35%, showing a trend of improvement [4] Emerging Business Impact - The new business segments negatively impacted the net profit attributable to shareholders by approximately 164 million yuan, with a total reduction in losses of about 17.5 million yuan [4] - The small molecule formulation, gene cell therapy, and new molecular businesses contributed to the net profit reductions of 67.69 million yuan, 38.67 million yuan, and 57.25 million yuan, respectively [4] Catalysts - There is an unexpected growth in orders and terminal demand for new businesses, indicating positive market dynamics [5]